How to handle growing amounts of data
A recent report has provided astounding facts into the exponentially increasing volumes of data and how this will affect analysis in the future.
National Instruments released a series of whitepapers that detailed the future of information management. The prediction was that by 2020, the amount of data produced will have increased by roughly 10 times from current levels, with the digital universe growing by 40 per cent every year.
With so much information being produced, the challenge of how to properly utilise these facts and figures is bought to the forefront. The report found that while 22 per cent of data produced is able to be analysed, only 5 per cent is used due to improper documentation and characterisation. This creates confusion around the actual content of files and data sets as users are unable to figure out exactly what they need from the properties of a file.
Another key issue lies in data recollection, especially in a large organisation. With files stored in varying formats and different locations, data compatibility across different teams can be hard to achieve. This breakdown in communication flows can be alleviated through the introduction of an interconnected network. Having a universal programme in place, such as HRIS software, can collate data and format it for company-wide usage.
In terms of HR solutions, having the proper analytical talent is a key step in ensuring your business can make use of huge data sets, according to Paul Seo, global head of HR business intelligence and analytics for Marsh & McLennan.
“You need the right talent in your HR organisation. This is what creates the business value,” he said in an June 30 interview with TechTarget.
“Without a proper skill set in-house to turn data into intuitive and compelling stories, it would be difficult to make HR analytics stick.”